Which of the following statements are true of local taxes? (Choose all that apply)

The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account fo

Zinaida [17]

Answer:

Accounting equation is stated as follows:

Assets = Liabilities + Stockholder's Equity

Transaction 1

Providing services will increase revenue, which will increase stockholder's equity. And since it is on account it will increase assets by the same amount = $39,000

Transaction 2

Cash received will increase cash in assets and will decrease accounts receivables in assets. Net effect = 0

Transaction 3

Purchase of equipment will increase equipment that is asset by $24,000 and further it is purchased through a note payable, it will increase liability with the same amount.

Transaction 4

This will decrease cash as paid in cash which will decrease assets, and further this will be expense for the period which will decrease the revenue and will decrease the stockholder's equity.

4 0

2 years ago

If the price of output falls from $5 to $2, the value of the marginal product of labor of all workers:

kicyunya [14]

When price declines, the value of marginal product of labor of all workers decreases.

Marginal product of labor is the change in output when labor employed in changed by one unit. For example, if total output of labor is 10 units when only one unit of labor is employed and 20 when two units of labour is employed. Price is $1. The marginal product of labor is $10 $1(20 - 10).

An increase in the price of output increases the marginal product of labor and a decline in the price of output decreases the marginal product of labor.

Please find attached the complete question. To learn more about the marginal product of labor, please check: brainly.com/question/17009411

3 0

2 years ago

The united states has a regressive tax system. a. True b. False

777dan777 [17]

I think false is the answer

7 0

3 years ago

Read 2 more answers

Provo, Inc., had revenues of $10 million, cash operating expenses of $5 million, and depreciation and amortization of $1 million

Sauron [17]

Provo's free cash flow for 2008 is $2,600,000

Income Statement

Revenue $10,000,000

Operating expenses - $5,000,000

Depreciation - $1,000,000

EBIT $4,000,000

Interest expenses - $0

Taxes - $1,600,000 (40% * $4,000,000)

Net Income $2,400,000

Depreciation +$1,000,000

Operating cash flow $3,400,000

Free cash flow = Operating Cash flow - Purchase of equipment - Increase in Inventory

Free cash flow = $3,400,000 - $500,000 - $300,000

Free cash flow = $2,600,000

See related question on this here brainly.com/question/10705084

5 0

3 years ago

Gilbert City had the following transactions involving resource inflows into its general fund for the year ended June 30, 20X8:

Advocard [28]

Answer:

$2,289,500

Explanation:

Preparation of the schedule to show the amount of revenue that should be reported by Gilbert’s general fund on the statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 20X8

Gilbert City

REVENUE REPORTED by the General Fund

For the Year Ended June 30, 20X8

Property tax revenue $1,862,000

[$2,000,000-$100,000-($2,000,000-$100,000)*2%)]

Interest revenue on advance $1,500

Grant revenue used to acquire computer equipment $235,000

Sales tax revenue $125,000

Liquor license revenue $66,000

Total revenue reported $2,289,500

Therefore the amount of revenue that should be reported by Gilbert’s general fund on the statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 20X8 is $2,289,500

3 0

2 years ago